Top Growing Trends in the Housing Industry
Updated: May 23
The demand for short term and long time rentals are so high that home builders and current home owners are taking the time to invest.
The housing market is on the up and current homeowners are using this to their advantage of selling their homes which are bought up by investors flipping them into rental properties or the homeowners are purchasing a second home to allow the older property to be an income property.
When trying to turn your property into an investment property there are a few good improvements you can do to the home to get the most out of your property.
Basic improvements would include:
Replacing the front door. The front door is the start to any good investment especially a rental property. Tenants want to feel like their belongings are safe and sound and to have a broken door tends to make potential tenants worry. A scratched or rough door gives the impression the rest of the property may not be well cared for.
Classic fresh paint. Every potential tenant is going to notice if a new fresh coat of paint was just done. This cheap fix can make the difference between a low end and a high end rental. Making sure to stay for a more neutral color palette is key, try a light grey or the basic white.
Upgrade appliances. Tenants will notice when appliances are out of date and old. These appliances don't need to be top of the line high end pieces just a newer option. After each tenant is to leave the property and doesn't voice any issues make sure to do a good walk through fixing any leaky faucets noisy refrigerators or improper cooling equipment. These small adjustments just assure the next tenant that you are willing to fix any issues giving that peace of mind.
Lighting. Make sure the moment the front door is opened and closed behind you that the room doesn't feel like a cave. This doesn't mean adding more windows just choosing the correct bulbs or fixtures for each space. Bright lighting in the bathroom and kitchen are ideal. Soft lighting in bedrooms.
Expensive but sometimes necessary upgrades include:
Flooring. If you are turning your property into a long term rental and replacing flooring is necessary at the time you may want to invest in low cost durable flooring. Carpets are not an ideal option as you may find yourself replacing them after each tenant leaves. A cheap laminate or linoleum flooring is the best option, it still can give you that clean look but on a budget. For short term rentals you are really looking to get the most money per stay and investing in a high end flooring is key. Anyone using your property for short term will notice the difference between a cheap laminate and a lovely stained wood flooring.
Focusing on the heart of the home, the kitchen. Upgrading appliances and completely renovating cabinets, and counter tops can make it the potential clients "dream rental". Long term and short term rental goals may vary. If you are monitoring your long term rental tenants very closely investing in the high end options may prove to be ideal and could cause your tenant to stay for a long time but for most long term property owners they choose low end durable options to reduce having to replace expensive options in the future.